First Years of Residential Property Mgmt Business

[Keric Allen]

I see lots of posts on “starting a property management business” in this forum. Many people chime in to say it’s a great idea, lucrative and talk about the 100s of doors managed.

Others question why anyone would want that headache. That said, has anyone started a property Mgmt business recently and would be willing to share their experience?

Did you work for a property management company prior to starting your business? Or did you learn as you grew?

How many properties did you have under management the 1st month, quarter, mid-year, after 1 year?

What would you do differently?

Most the time I either read about or hear on podcasts how someone started a business and then, poof, they fast forward in the discussion 2 years and now they manage 200+ properties.

I’m interested in the in b/n. Those first days of having only 1 or 2 properties under Mgmt of which one may be yours and the other is a friends/relatives. The depressing slow month where you grew 0 doors or the crazy month you grew 15 doors!

Anyone care to share their experience?

If not publicly, perhaps message me and we could discuss.

Thanks!

[Nathan Gesner]

Keric, there are a hundred different things to tell you. I bought an existing PM company with 100 doors and have grown it to 350 doors, two offices, six employees, and a few sales agents. It's lucrative, but it's also a full-time job and a lot of work. I am constantly networking, learning through self-education, and occasionally wishing I could walk away from it all.   The #1 advice I can give you is to join the National Association of Residential Property Managers (NARPM) There are some 10-pound brains in that group that will help you improve and grow your business if you take advantage of them. I've learned more in one year from them than I have in ten years on my own.

What would I do differently? Nothing. I've learned so much by being a property manager. I sometimes envy the guys that went straight into real estate investing that only manage their own properties. If I had started with that back in 2010, I may have enough properties right now that I wouldn't have to work at all and my life would be simpler. Or maybe I would have screwed up, gone broke, and taken a traditional 9-5 job. I don't spend a lot of time playing "what if" with myself. I am where I am and need to look forward to where I want to be.

I love to help people out. Feel free to reach out to me at any time.